Latest news with #HanwhaOceanCo.
Korea Herald
03-08-2025
- Business
- Korea Herald
Major S. Korean shipbuilders launch joint task force for massive US investment project
Major South Korean shipbuilders have launched a joint task force to support the government's cooperation with the United States under a recently agreed-upon large-scale investment project in the US shipbuilding sector, officials said Sunday. The top three shipbuilders -- HD Hyundai Heavy Industries Co., Hanwha Ocean Co. and Samsung Heavy Industries Co. -- along with the Korea Shipbuilding & Offshore Engineering Association, have formed the TF and held an inaugural meeting recently, according to company officials. Their focus will be on supporting the "Make American Shipbuilding Great Again" initiative, under which the Seoul government has proposed investing $150 billion in the US shipbuilding industry. It was part of a broader $350 billion investment package in the US in exchange for Washington's lowering of reciprocal tariffs on South Korean imports to 15 percent from the initial 25 percent. "There will be various ways to implement the Korea-US shipbuilding cooperation, and the TF aims to support and facilitate those efforts," an official said. "The industry is working together with the government for the MASGA project through this task force." The envisioned investment represents the largest single-industry fund in the package and is structured primarily to support Korean shipbuilders' investments in the US through public finance. The MASGA project includes plans to build new shipyards in the US, train shipbuilding personnel and rebuild related supply chains, as well as build American ships and cooperate on maintenance, repair and overhaul projects, according to the Seoul government. But details are still being finalized. The entity plans to intensify discussions on the project starting in mid-August, following the industry's summer vacation period. "The TF could serve as a channel for collecting the industry's demands and delivering them to the government," the official added. (Yonhap)
Korea Herald
08-07-2025
- Business
- Korea Herald
Hanwha Ocean wins US Navy ship maintenance deal
Hanwha Ocean Co., a major South Korean shipbuilder, has secured a contract to provide maintenance, repair and overhaul (MRO) services for the US Navy ship Charles Drew, industry sources said Tuesday. The company won the US Navy's regular MRO project for the Charles Drew, a dry cargo and ammunition ship assigned to the Navy's 7th Fleet, the sources said. The non-combat vessel is expected to arrive at Hanwha Ocean's Geoje shipyard, about 330 kilometers southeast of Seoul, later this month and be delivered back to the US Navy by the end of the year. This marks the third time Hanwha has won an MRO project for a US Navy vessel. In August last year, it became the first South Korean shipbuilder to secure such a contract, for the Navy's logistics support ship Wally Schirra. In November, it also won an MRO deal for the replenishment oiler Yukon. (Yonhap)
Korea Herald
19-05-2025
- Business
- Korea Herald
Seoul needs 'win-win' strategy for shipbuilding partnership with US
South Korea should establish a detailed "win-win" strategy to seize business opportunities amid the United States' push to revitalize its shipbuilding industry, a local business lobby said Monday. The recommendation follows a recent meeting between US Trade Representative Jamieson Greer and top executives from major Korean shipbuilders HD Hyundai and Hanwha Ocean Co. to discuss cooperation in shipbuilding. "The Korean government and shipbuilding companies need to present sector-specific proposals aligned with the US government's plans to build new vessels, in order to create mutually beneficial synergies," the Federation of Korean Industries said, citing a new report. According to the report, the US is expected to place orders for between 403 and 448 vessels by 2037, including commercial ships, liquefied natural gas carriers and naval ships. The projected orders include 100 commercial vessels, 42 to 65 LNG carriers, 10 icebreakers, 129 combat ships and 67 vessels for the National Defense Reserve Fleet. The number of US vessel orders is likely to increase further as the country aims to expand its commercial fleet to 250 ships under the SHIPS for America Act, proposed in April. The act also mandates that by 2047, 15 percent of outbound US LNG shipments must be transported on domestically built vessels. Additionally, the US Navy recently announced plans to procure 364 new ships over the next 30 years. In January, US President Donald Trump pledged that the US would order 40 large icebreakers. "Korean shipbuilders should engage in close consultations with the US government when participating in local shipbuilding projects and ensure consistent support from US authorities," Professor Ryu Min-chul of Korea Maritime and Ocean University said in the report titled "Analysis of the US Shipbuilding Industry and Implications for Korea–US Cooperation." Ryu also warned that Korean companies must be mindful of potential business risks stemming from possible changes in US shipbuilding policies. (Yonhap)
Korea Herald
17-03-2025
- Business
- Korea Herald
Hanwha Ocean wins W2.3tr LNG carrier order from Evergreen Marine of Taiwan
Hanwha Ocean Co. said Monday it has secured a 2.3 trillion-won ($1.59 billion) order from Evergreen Marine Corp. of Taiwan to build six ultra-large liquefied natural gas carriers. The 24,000 twenty-foot equivalent unit ships will feature advanced eco-friendly technologies by Hanwha Ocean, including dual-fuel engines and shaft generator motors. The deal marks Hanwha's first contract with the Taiwanese shipper, one of the leading maritime shipping companies in the world, which operates over 200 shipping vessels globally. According to Hanwha Ocean, the global shipbuilding industry is experiencing a rapid shift toward LNG carriers and next-generation eco-friendly vessels amid a tightening of environmental regulations. Evergreen Marine's decision to opt for an LNG dual-fuel propulsion system aligns with its strategy to comply with such regulations while maximizing fuel efficiency, according to the South Korean shipyard. Hanwha Ocean said Evergreen is expected to continue placing new orders for advanced vessels. The shipbuilder said it plans to create a long-term business partnership with the company moving forward. (Yonhap)
Korea Herald
11-03-2025
- Business
- Korea Herald
Hanwha Ocean discusses naval shipbuilding cooperation with Thai envoy
Hanwha Ocean Co. said Tuesday it has held discussions with Thailand's ambassador to South Korea on ways to bolster maritime security and shipbuilding cooperation between the two countries. In the meeting with Ambassador Tanee Sangrat held Monday, the company presented its vision to strengthen Thailand's shipbuilding capabilities through cooperation and to expand collaborations with local shipyards. According to the shipbuilder, the ambassador stressed that bilateral cooperation in the defense and shipbuilding industries will help Thailand improve the modernization of its Navy. Sangrat also held a video conference with Thai workers currently undergoing shipyard work training at Hanwha Ocean's training institute in Geoje, about 330 kilometers southeast of Seoul. "We will continue to contribute to Thailand's industrial capabilities and economic growth through further vessel exports and cooperation," said Eo Sung-chul, head of Hanwha Ocean's special ship division. (Yonhap)
